ChatGPT for pro format financial statements

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by a searcher from University of Virginia-Darden - Darden School of Business
in Charlottesville, VA, USA

2yrs ago

ChatGPT for pro format financial statements

We've been testing out ChatGPT to speed up our financial modeling. For extracting data from CIMs it is amazing.

I now trying figure out best practices for using ChatGPT to create to pro forma statements. On thought is working out how import the historical data into a general 3 statement model.

Anyone try this before?

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reply by a searcher 1yr ago
from Colgate University in Charlottesville, VA, USA

My biggest caution would be leaning on ChatGPT to handle any calculations/math. It is known to frequently get math wrong. Pulling out provided numbers is one thing, but make sure you're not relying on it to run calcs for you, or you'll be in for a bad time.

reply by an intermediary 1yr ago
from The University of Chicago in Chicago, IL, USA

1) I use 5 AI engines. None for calculation. It could be theoretically possible to develop pro-forma financials from the past data, but I don't think any engine can develop pro-forma that captures buyer's new capital stack and transaction structure.
2) I use AI for research. Very often I find answers that are on opposite ends. Then I challenge. Most engines correct themselves, except ChatGPT. It does not like to be challenged. It has a chip on its shoulder.
3) I am an M&A Intermediary. I would not want CIM data uploaded in AI engine.